Nigerian fintech company OPay has withdrawn its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry in an undisclosed foreign jurisdiction.
The decision came on October 30, 2026, just hours after the company had priced its shares ahead of its expected debut on the New York Stock Exchange (NYSE). The planned offering was expected to raise $304 million and value OPay at approximately $4 billion. OPay had priced 16 million American Depositary Shares at $19 each, the lower end of its proposed price range of $19 to $21. However, the shares never began trading as scheduled.
In a statement, the company said it had mutually agreed with its underwriters to terminate the underwriting agreement and withdraw the offering. It described the regulatory inquiry as relating to a foreign jurisdiction that was immaterial to its core business operations.
Although OPay did not disclose the regulator involved or the nature of the inquiry, it said it expected the matter to be resolved satisfactorily in the near future. The company also stressed that the development should not be interpreted as a reflection of its financial performance, operational integrity or regulatory standing.
For customers and business partners in Nigeria, OPay maintained that its operations, regulatory standing and customer services would remain unaffected. Founded in 2018, OPay provides digital financial services, including payments, money transfers, savings and loans. The company operates in several emerging markets, with Nigeria among its key markets.
According to its IPO prospectus, OPay had approximately 50 million monthly active users as of July 31, 2026.
The withdrawal puts the company’s planned entry into the US public market on hold. However, OPay has not indicated when it might reconsider its listing plans.